Swiss sneaker company On beats sales estimates, raises guidance despite Vietnam tariffs

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On sales rose 32% in the Swiss sportswear company’s second quarter, leading it to raise its full-year revenue guidance even as it contends with new tariffs on imports from Vietnam.

The buzzy sneaker brand, which has been credited with taking market share from Nike

, now expects full year-sales of 2.91 billion Swiss francs ($3.58 billion), up from its previous outlook of 2.86 billion francs ($3.52 billion). That’s in line with Wall Street expectations of 2.92 billion francs ($3.59 billion), according to LSEG.

On also raised its gross margin guidance to a range of 60.5% to 61%, compared with its previous outlook of between 60% and 60.5%.